A new report released by Trust Radius, “The 2019 B2B Buying Disconnect,” is an in-depth study on buying preferences, vendor impact and the trust gap in B2B technology.
The study looked at both customer and vendor perceptions — and where they’re aligned, and where they’re not. The findings are eye opening:
- The trust gap in the B2B buying process is wide. Vendors overestimate their own transparency by more than two times.
- This trust gap is causing fewer customers to take sales reps seriously. Only 11% of buyers said vendor reps were “very trustworthy.”
- Only 1 in 5 buyers said their vendor was “very influential” in helping them choose their product.
- More than half of buyers rely on reviews, and reviews are now tied with vendor/product websites for the number two most-used information source (product demonstrations were number one).
- Surprisingly, 59% of buyer survey respondents were millennials, and a third of them identified themselves as the lead buyer.
- Buyers want vendors to speed up purchase cycles with more transparent product capabilities and limitations. Only 35% of buyers felt vendors were “very forthcoming” about product limitations.
- Nearly all (95%) purchases were collaborative, with a majority of buyers (65%) being part of a buying group of 2-5 people.
- Close to half (46%) of buyers reported that the sales process took longer than three months.
At Red House, we know the B2B buying landscape is different. This report highlighted many themes that we continually see in the B2B space, including longer buying cycles, the prevalence of buying groups, and the constantly changing and unique nature of the buyers’ journey.
If we can take one thing away from the report, it’s this: Being customer-centric will help you close the trust gap, help your customers make decisions sooner, and help both you and your customers reach your goals.
To learn more about the report, visit Trust Radius.